Bookkeeping

[blackstock]

Hey

Help please? I'm wondering how other Sparks are doing their bookkeeping.
A mate is telling me to look at online bookkeeping software as it will save me a % of my accountancy and bookkeeping costs.

Who uses software, or excel, or pays for a bookkeeper to do it?

Appreciate the help. Thank you

Darren

 

[Midwest]

Keep an excel spreadsheet, documenting income & expenses, keep receipts, bills & invoices and then give them to an account. Frees up your time to do more work, and you offset your accountancy fees, with the money you save on tax.

 

[Taylortwocities]

Keep an excel spreadsheet, documenting income & expenses, keep receipts, bills & invoices and then give them to an account. Frees up your time to do more work, and you offset your accountancy fees, with the money you save on tax.

Spot on, thats what I do.

I log all my expenses on one spreadsheet

All income on another

Send them off to an accountant, he does my annual company P&L figures and does my self assessment tax return.
He has saved me more than he costs, as he knows how things like capital expense allowances work, etc...

 

[telectrix]

i use a free software called qiuckfile. does all the sales and expense accounts, keeps track of what's owing, etc. and even does a profit/loss sheet.above a certain turnover though you have to pay a small fee.and it's so easy to use, even i can do it.

 

[blackstock]

Spot on, thats what I do.

I log all my expenses on one spreadsheet

All income on another

Send them off to an accountant, he does my annual company P&L figures and does my self assessment tax return.
He has saved me more than he costs, as he knows how things like capital expense allowances work, etc...

THANK YOU, appreciate that. Excel how im currently running

 

[polo1]

i use a free software called qiuckfile. does all the sales and expense accounts, keeps track of what's owing, etc. and even does a profit/loss sheet.above a certain turnover though you have to pay a small fee.and it's so easy to use, even i can do it.

Yep, I use QuickFile too and pay about £60/annum. Can vouch that it is easy to use and covers all the bases. You can use it to create and email invoices etc.
Like all accounts, it's best if you log invoices, purchases little & often; like others I just get the accountant to check I'm not missing anything to reduce tax liability.
Hope all you self employed out there have submitted your 15/16 returns

 

[Octopus]

I use quickbooks which is a customer database and accounting system all rolled into 1 package.

I can locate customer transactions or invoice numbers from suppliers for jobs really easily!

I last upgraded a couple of years ago which was about £120.00 - so no ongoing costs until I replace the laptop as the version I have won't run on Windows 10!

 

[blackstock]

I use quickbooks which is a customer database and accounting system all rolled into 1 package.

Thanks you, found QuickBooks this evening when googling. Much appreciated

I can locate customer transactions or invoice numbers from suppliers for jobs really easily!

I last upgraded a couple of years ago which was about £120.00 - so no ongoing costs until I replace the laptop as the version I have won't run on Windows 10!

 

[amric]

i use a free software called qiuckfile. does all the sales and expense accounts, keeps track of what's owing, etc. and even does a profit/loss sheet.above a certain turnover though you have to pay a small fee.and it's so easy to use, even i can do it.

Thanks Pal ,i have just signed up to quikfile looks good,Ta

 

[Gavin John Hyde]

I use quickbooks reasons:
I am a LTD company so have to file annual returns etc,,, it does all the taxes, payroll etc at press of a few buttons,
Very easy to use, payroll is very quick and easy.
It pulls transactions from my bank account so no need to manually enter that much.
About to reregister for VAT so will do that too and submit returns.
Submits all the info to HMRC as required. so no need to use HMRCs clunky website portal.
My accountant can log in remotely and do things if I need her to.

I pay £40+VAT per month for my accountant which covers all company accounts, dividends, personal tax advice, ,corporation tax, companies house etc... she saves me considerably more than I pay her. worth every penny I pay as far as I am concerned.
Quickbooks is £34 per month but worth it as it saves so much time and stores it all in case of audit. I know from speaking to the accountant that HMRC love the accounts software like QB, Xero etc as it has an audit log so can see what has been added, deleted etc and often giving them remote access to view only resolves any queries. saves an office visit.